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Subordination Agreement
Subordination Agreement (27K)
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SUBORDINATION AGREEMENT
This Subordination Agreement (this "Agreement") is made as of the 2nd day
of November, 2000 by and among WELLS FARGO BUSINESS CREDIT, INC., a
Minnesota corporation ("Senior Lender"), BANK OF NEW YORK, as Securities
Agent ("BONY"), and SPECIAL VALUE BOND FUND, LLC, a Delaware limited
liability company (together with BONY, "Junior Creditor"), and PEMCO
AVIATION GROUP, INC., for itself and as Agent for Pemco Aeroplex, Inc., an
Alabama corporation; Space Vector Corporation, a Delaware corporation; . . .
374828
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Pemco Aviation
As referenced in this Subordination Agreement:
PEMCO
AVIATION GROUP, INC – a
Minnesota corporation ("Senior Lender"), BANK OF NEW YORK, as Securities
Agent ("BONY"), and SPECIAL VALUE BOND FUND, LLC, a Delaware limited
liability company (together with BONY, "Junior Creditor"), and PEMCO
AVIATION GROUP, INC ., for itself and as Agent for Pemco Aeroplex, Inc., an
Alabama corporation; Space Vector Corporation, a Delaware corporation;
Pemco Air Services System, Inc., a Colorado corporation; Pemco Nacelle
Services,
_____________
PEMCO AVIATION GROUP, INC – BANK OF NEW YORK
By: /s/Cheryl Llasser
Title: Assistant Vice President
Address:
Fax No.
SPECIAL VALUE BOND FUND, LLC
By: /s/Howard Levkowitz
Title: Principal
Notice Address:
Fax No.
PEMCO AVIATION GROUP, INC .
for itself and as agent for the
Obligors
By: /s/John Lee
Title: Senior Vice President and CFO
Notice Address:
1943 North 50th Street
Birmingham, Alabama 35212
Attn: John
_____________
Pemco Aviation Group, Inc – and as agent for the
Obligors
By: /s/John Lee
Title: Senior Vice President and CFO
Notice Address:
1943 North 50th Street
Birmingham, Alabama 35212
Attn: John Lee
SCHEDULE A
Pemco Aviation Group, Inc .
The presently contemplated proposed restructuring (see attached charts)
consists of performing the following actions:
transferring the assets of the Pemco Engineers Division of Pemco to
Precision Standard Corp. and
_____________
Pemco Aviation Group, Inc – Services, Inc. The assets of the Dothan Division of Pemco Aeroplex, Inc.
will be transferred to this new entity. The stock of this new entity will
then be contributed to Pemco Aviation Group, Inc .
{/TEXT}
{/DOCUMENT}
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dt 1547824
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 BNY
As referenced in this Subordination Agreement:
BANK OF NEW YORK, – SUBORDINATION AGREEMENT
This Subordination Agreement (this "Agreement") is made as of the 2nd day
of November, 2000 by and among WELLS FARGO BUSINESS CREDIT, INC., a
Minnesota corporation ("Senior Lender"), BANK OF NEW YORK, as Securities
Agent ("BONY"), and SPECIAL VALUE BOND FUND, LLC, a Delaware limited
liability company (together with BONY, "Junior Creditor"), and PEMCO
AVIATION GROUP, INC., for itself and as
_____________
BANK OF NEW YORK
– FARGO BUSINESS CREDIT, INC.
By: /s/Tim Ulrich
Tim Ulrich, Vice President
Notice Address:
MAC C7300-300
1740 Broadway
Denver, Colorado 80274
Attn: Tim Ulrich
Fax No. (303) 863-4904
BANK OF NEW YORK
By: /s/Cheryl Llasser
Title: Assistant Vice President
Address:
Fax No.
SPECIAL VALUE BOND FUND, LLC
By: /s/Howard Levkowitz
Title: Principal
Notice Address:
Fax No.
PEMCO AVIATION GROUP,
_____________
dt 1005855
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